If this is your first visit, be sure to
check out the FAQ by clicking the
link above. You will be required to register
before you can post: click the register link above to proceed. To start viewing messages,
select the forum that you want to visit from the selection below.

[quote=APHCO;138110]FWIW I would report this immediately to my insurance company, in fact your policy probably gives the insurance company an "out" if you have not promptly reported it.

What have you got to hide? You do advertise "insured" don't you? You carry insurance for times like this, and if you have a good record your rates probably won't be increased.
************************************************** ************************************************** *******************
Things must be different in Michigan. I have never filed anything with the insurance company and my rates still go up every year. What I hear from fellow contractors is they will look for any reason to raise your rates or drop you. If you cant absorb a $500-$1000 payment to a customer then I guess you should tell your insurance co. but I would rather pay it out of pocket then to file a claim.

Your insurance co. may also want to know things like who spilled the glue? Do you have workers comp for your brother in law? Is he on your books? Just something to think about that may come up.

Comment

All insurance policies are now being monitored in the CLUE report system. Two inquiries on your clue report within 3 years and your insurance will typically go up or the policy will be cancelled. If cancelled, you will be offered a much higher rate for reinstatement. An inquiry is NOT necessarily a claim but could just be a phone call to ask if your covered about a certain event. And your insurance agent will probably deny this. Also, don't think you can leave one company and just go to another one. The CLUE report follows.

I know some people have had positive claim experiences in the past but usually their insurance company then seeks to paid by other insurers involved.

Unfortunately, insurance has gotten to be for nothing but catastrophe incidences. The little things... better just pay them.

They also put very serious weight on your credit report as to how they set your premiums.

J.C.

Comment

The point is that you never can tell how any of these things will turn out. If you are paying for insurance and do not notify the company (even if the claim starts out small) you have wasted your money and are jepoardizing your business and possibly your other assets if things go wrong and the claim becomes large or winds up in court.

Also, since rates go up anyway, who has the benefit of your insurance policy? Not you. Not your customers. Only the insurance companies, who continuously are raising your rates even without claims.

I'm not saying to have the insurance company pay for any little claim you may have, but not notifying them and not having the option of them representing you is not good business.

And if they raise your rates, there are always plenty of other agents and insurance companies around that would love your business.

Comment

In 60 years of business we have only had perhaps, 5 claims. Any time that we make a mistake and damage the customer's property we fess up and pay what is needed to make them happy.

BUT, if there is the potential for a large claim we notify the insurance company as required in the policy. That does not mean that the insurer pays anything out of their pocket, it just notifies them as required.
If we pay for damages the insurer really doesn't have any thing to gripe about but we have met our responsibility. We have never had our rates affected.

What do you do about workmens's comp? Even if there is no time lost or payment involved you are required to file a report of injury to insurance company. Not doing so can get you in severe hot water both legally and financially.

Something as minor as a cut finger can wind up as a severe infection and a lost limb. If you ignore reporting it you are on your own, your WC carrier will legally ignore you. Same with general liability.

We will all do as we see fit, and you are welcome to continue to be afraid of the insurance companies and their rates. I would rather play by the rules and protect my business and home while receiving what I am paying for...insurance coverage.

P.S. Forget your insurance agent, ask your attorney what the effects could be if you do not report WC or Liability incidents within the alloted time.

In 60 years of business we have only had perhaps, 5 claims. Any time that we make a mistake and damage the customer's property we fess up and pay what is needed to make them happy.

BUT, if there is the potential for a large claim we notify the insurance company as required in the policy. That does not mean that the insurer pays anything out of their pocket, it just notifies them as required.
If we pay for damages the insurer really doesn't have any thing to gripe about but we have met our responsibility. We have never had our rates affected.

What do you do about workmens's comp? Even if there is no time lost or payment involved you are required to file a report of injury to insurance company. Not doing so can get you in severe hot water both legally and financially.

Something as minor as a cut finger can wind up as a severe infection and a lost limb. If you ignore reporting it you are on your own, your WC carrier will legally ignore you. Same with general liability.

We will all do as we see fit, and you are welcome to continue to be afraid of the insurance companies and their rates. I would rather play by the rules and protect my business and home while receiving what I am paying for...insurance coverage.

P.S. Forget your insurance agent, ask your attorney what the effects could be if you do not report WC or Liability incidents within the alloted time.

Not "afraid" of insurance companies. I operate as you do. Small things, pay for them. Large things notify them. Workmens comp.-act on immediately. And your rates should show little effect with 5 claims in 60 years. Shows your doing good conscientious work.

But insurance industry has changed and I think if you have a few claims within a few years now then you might see higher rates.

Comment

Has anyone run into the issue of a customer paying for damage, then giving the plumber the bill after the fact? At that point you cannot even negotiate, especially if the repair was done on overtime or is just plain ridiculous.

Comment

Has anyone run into the issue of a customer paying for damage, then giving the plumber the bill after the fact? At that point you cannot even negotiate, especially if the repair was done on overtime or is just plain ridiculous.

No I haven't, but I don't think that is legal. In certain situations I would pay, in others I would contact my insurance company and have them defend my case. (likely the fact that the customer's complaint came AFTER repairs, the insurance company would use that against them.)